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[113] Some researchers regard the 1973 "oil price shock" and the accompanying 1973–74 stock market crash as the first discrete event since the Great Depression to have a persistent effect on the US economy. [114] The embargo had a negative influence on the US economy by causing immediate demands to address the threats to U.S. energy security ...
Graph of oil prices from 1861 to 2007, showing a sharp increase in 1973, and again in 1979. The orange line is adjusted for inflation. Independently, the OPEC members agreed to use their leverage over the world price-setting mechanism for oil to stabilize their real incomes by raising world oil prices. This action followed several years of ...
OPEC flexed its muscles on Oct. 17, 1973 by initiating the first stages of a devastating oil embargo on the United States. In response to American support for Israel in the Yom Kippur War, 10
Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings. June 26–28 : OPEC raises prices average of 15 percent, effective July 1. Oct : Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m 3 /d) from October 1979 through March 1980 - highest level since February 1976 ...
However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$3/bbl to US$12/bbl, and an emergency period of energy rationing, intensified by panic reactions, a declining trend in US oil production, currency devaluations, [54] and a lengthy UK coal-miners dispute.
The first came in October 1973, when OPEC, which then was called the Organization of Arab Petroleum Exporting Countries, or OAPEC, cut its oil production and imposed an embargo on a number of ...
An oil price shock has the potential to spark a recession or a 1970s-style stagflationary crisis, Roubini has warned. ... leading to a shock to oil prices like the 1973 Yom Kippur War, or the 1979 ...
Richard Nixon had imposed price controls on domestic oil as a result of the 1973 oil crisis. Since then, gasoline price controls had been repealed, but those on domestic oil remained. The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel ($100/m 3).